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首页> 外文期刊>Journal of Real Estate Portfolio Management >Blending Public and Private Real Estate Allocations for Defined Contribution Pension Funds: A U.K. Case Study
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Blending Public and Private Real Estate Allocations for Defined Contribution Pension Funds: A U.K. Case Study

机译：混合公共和私人房地产分配以定义缴款养老金：英国案例研究

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摘要

In this paper, we analyze the implications of combining public real estate with a direct real estate allocation. Using an actual fund rather than index data, the historic performance of blended portfolios has been simulated and the resulting risk and return characteristics analyzed. The results show that the public real estate component has been accretive to performance in blended real estate portfolios. When accounting for valuation smoothing and the non-normal characteristics of private real estate returns, we show that risk contributions were consistent with asset allocations. In addition, the blended portfolio still provided the multi-asset benefits of private real estate exposure.
机译：在本文中，我们分析了将公共房地产与直接房地产分配相结合的含义。使用实际基金而非指数数据，模拟了混合投资组合的历史表现，并分析了由此产生的风险和收益特征。结果表明，公共房地产成分在混合房地产投资组合中的表现有所提高。当考虑估值平滑和私人房地产收益的非正常特征时，我们表明风险贡献与资产分配一致。此外，混合投资组合仍可提供私人房地产风险的多资产收益。

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